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When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing. In England and Wales, the terms "purchaser" and "vendor" are used. [1] Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality.
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date.
The legal status of land contracts varies between jurisdictions. [vague] Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more conventional real estate contracts, a seller does not provide a loan to the ...
The statutes creating mechanic's liens usually give them a higher priority with respect to other interests in the title than the law gives most real property security interests. Among other things, priority is the attribute that determines which of several competing security claims will have the first claim to the funds of a foreclosure sale ...
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
With a clear title, there’s no doubt who the owner of the property is, or who can claim legal ownership of the property. To get a mortgage, lenders require a thorough title search of local ...
Merchantable title and marketable title are synonymous terms. In the absence of an agreement to the contrary, there is an implied undertaking in the contract that the vendor (person selling the property) has a marketable title. The contract typically provides that on failure of a vendor to deliver good and marketable title, the vendee (buyer ...